Register.com Announces Closing of Offer to Acquire Virtual Internet

📅 March 28, 2002 - Domain name registration and Internet services firm Register.com (register.com ) said yesterday that it had officially closed its offer to acquire Virtual Internet plc, a provider of online intellectual property protection.

Register.com also acquired Virtual Internet's equity stake in RegistryPro, ajoint venture between the two companies to create a .pro domain registry forprofessionals, as part of the purchase.
Register.com's offer values Virtual Internet at approximately £12.0 million(about $16.9 million USD). With Virtual Internet's current cash position atover $8 million, Register.com said its net cash payment would amount to lessthan $9 million.
"We are excited to have closed on our acquisition of Virtual Internet. Thisdeal is a perfect fit with our strategy of increased participation in thepremium domain name services market," said Richard Forman, President and CEOof Register.com. "The Net Searchers corporate domain name business willhelp us capitalize on this market opportunity and further strengthen ourCorporate Services group by adding their high quality customers. NetSearchers' Web auditing and domain name monitoring capabilities will alsoenhance Register.com's current suite of corporate products and services."
Forman added that the acquisition provides Register.com with a base ofoperations outside of the United States "to continue driving internationalgrowth across all our businesses."
Net Searchers, a Virtual Internet venture, offers several Web auditing andmonitoring services which provide reporting on potential abuse of customers'brands. Net Searchers also offers services to their clients to assist withinvestigations, name recovery and dispute resolution. Register.com said itanticipates being able to offer a number of these services immediately.
Founded in 1994, Register.com currently has over three million domain namesunder management.

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Company: Register.com

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